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Step One: What Comes In - Income

If you have moved sequentially through the Building Your Financial House framework, the good news is that you've already identified income in the Maximize Earnings section.  All you need to do for step on is transfer the information from the  “What Comes In:  Add It Up” worksheet onto your money map.

If not, enter your monthly household income by the sources, both cash and non-cash, on page one of My Money Map and add them up to find your gross monthly income.  Then look at your pay statement to identify your 'off the top' deductions.  Subtract your off the top deductions from your gross monthly income to find your net monthly take home pay. 

Add cash and non-cash resources to find Gross Monthly Income                     

Wages/Salary from each job                   
Commission/Tips/Overtime from each job      
Child Support/Alimony Received                 
Unemployment Compensation        
Social Security Benefits                  
Veteran's Benefits                         
Worker's Disability Compensation  
Temporary Assistance for Needy Families  (TANF)
Supplemental Nutrition (SNAP)      
Women, Infant, & Children (WIC)   
Child Care Assistance                    
Housing/Energy Assistance            
School Meals    

Add off the top deductions to find Total Deductions 

Federal Taxes                                 
State/Local Taxes                           
FICA Taxes                                     
Unemployment Insurance                
Retirement Savings                          
Health/Dental Insurance                   
Life/Disability Insurance                  
Child Support/Alimony Paid              
Other Deductions                            

Calculate Net Monthly Take-Home Pay

$____________     -     $___________      =      $_________
     Total Gross              Total Deductions            Net Monthly 
 Monthly Income                                                Take-Home Pay

Next Up: Step Two - Where Does It Go?